HUNTSVILLE - A Huntsville real estate company is expanding north.
Coldwell Banker Thompson Real Estate Brokerage has struck a deal to acquire the Almaguin Highlands-based Coldwell Banker Pine Lakes Realty Brokerage. The deal was announced on Jan. 3 and is expected to be finalized by Jan. 22, according to Thompson Real Estate Brokerage co-owner Scott Morrison.
“It is everything north of us, up to North Bay,” he said. “We are now in the process of getting everyone new business cards and everything switched over.”
Coldwell Banker Pine Lakes Realty Brokerage has branch offices in Burk’s Falls, Sundridge, South River, Restoule and Port Loring and the company will be known as Thompson Real Estate once the deal closes later this month.
Morrison said that he and Thompson Real Estate co-owner Brent Stapleton had been talking to Pine Lake Realty broker/owner Chris Hundley for close to two years about buying the real estate company, but the discussion started to take shape in the past few months.
“We had been talking to Chris for sometime now about doing a deal because he was looking to retire,” he said. “It was always our thought to expand up there when Chris was ready to retire. A couple of times we came close to a deal but the timing was never right, for various reasons. This time, it was right for everyone. We are very excited.”
Hundley said that ongoing health issues made him decide that the time to sell now was right.
“It was important for me to think about handing the business over to someone,” said Hundley, who has been in the business for the past 25 years, the last 18 years as owner of Pines Lake Realty. “Plus I am past retirement age, but in this business it seems you are able to go on forever.”
Stapleton said that the expansion will allow clients in the Almaguin-Huntsville areas more opportunities to buy or sell their properties.
“With the four-laning of Highway 11 now complete pretty well, it gives us access to the northern area. It will also give the folks in the north exposure to the Huntsville market. This deal is a good fit for everyone all around.”
The 11 full-time agents currently employed by Pine Lakes Realty will remain with Thompson Real Estate, according to Morrison, who said the company hopes to hire more agents for the northern region.
Hundley said he would stay on with the company once the deal is completed at the end of the month.
“I have a number of clients and I would like to stay on to make sure they are serviced,” he said.